The DilemmaOne of the most popular objections of my friends and other millennials about purchasing a home is they can't afford it. These days with all the assistance available for home buyers, money
KHC Loan Programs
One of the most popular objections of my friends and other millennials about purchasing a home is they can't afford it. These days with all the assistance available for home buyers, money shouldn't be the primary deciding factor on whether to buy or rent. When coming to that decision think more along the lines of how much you care to do yard/house work. You don't want to do yard work but house work doesn't bother you, then maybe buying a condominium would be in your best favor. Don't care to do either? Then renting is your best bet. Think also about how long you plan to stay in one area. Staying for more than 4-5 years? Buy. Anything less should be grounds for an apartment.
If you have enough money to rent but don't think you have enough to buy then see this graphic below from the NAR website.
Source: Ginnie Mae
The chart shows a cost comparison for a renter and a homeowner over a 7 year period. The renter starts out paying $800 per month with annual increases of 5% The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000. After 6 years, the homeowner's payment is lower than the renter's monthly payment. With the tax savings of home-ownership, the homeowner's payment is less than the rental payment after 3 years.
Once you've made your decision and you decide on buying then turn to the Kentucky Housing Corporation to see what programs you're eligible for. The Kentucky Housing Corporation has been helping thousands and thousands of Kentuckians buy quality housing since 1972.
They have several loans programs available including:
|1. Conventional Preferred Risk Program|
|2. Conventional Preferred Program|
|3. Conventional Preferred Plus 80|
|7. Home Buyer Tax Credit |
Click here to see more info on the Loan Programs.
Born and raised in Northern Kentucky, 23 years old, and new to the industry! I earned my Business Management Associates Degree at Gateway Community and Technical College and in my mind had settled on ....